New capacities to bring efficiency, spur growth in FY22E Incremental volumes coming up from additional capacities (2 MT already commissioned and 1 MT Odisha GU commissioned in September 2020, 1 MT GU Kurnool in FY22E) would help to grow ahead of industry growth in FY22E. Ramco is also commissioning the clinkering unit of 1.5 MT along with 9 MW WHRS in Jayanthipuram and 2.25MT clinkering unit in Kurnool before March 2021. Factoring this new capacity, we model 12.1% revenue CAGR in FY20-23E. While newly commissioned grinding units in Vizag, West Bengal,...